SAC Capital Is Accumulating A Huge Facebook Stake

Earlier: We're hearing from market sources that
$13 billion hedge fund SAC Capital is accumlating a large stake
in Facebook. It's possible that SAC people
are investing in Facebook, and not SAC funds.

We've been unable to corroborate some details, so we'll break it
down for you…

Here's what we've been told by a trusted
source: For months now, SAC has been one of the more
active buyers of Facebook stock in the secondary markets. SAC
has also been buying Facebook
stock directly from former employees.

Here's what we've been told by a new, untested
source:SAC Capital just acquired 8 million
Facebook shares at $32.50 per share. That's a $260 million
stake at a $76 billion valuation. SAC is looking to buy as much
as 50 million shares at $33 per share – a $1.65 billion stake
at a $78 billion valuation. Word is that SAC found out about a
new 409A revaluation on Facebook employee shares from KPMG at
$30+/share, and this caused to "pull their trigger." This
source admits he or she is in a position to sell Facebook
stock, and that word of SAC's interest will help.

An SAC spokesman declined to comment on this
story.

Our second source speculates: "It’s obvious SAC doesn’t want this
story out, they’re not done accumulating so they don’t want to
start a frenzy with the price. They’re smart!!"

For months now, much smaller chunks of Facebook stock have been
selling for $35 per share on the secondary markets.

Facebook is expected to float a relatively small amount of stock
on the public markets sometime early next year at a valuation
above $100 billion. Facebook has about 700 million users. Last we
heard it was set generate $2 billion of EBDITA on $6 billion
revenues.

Obviously, we'd like to know more details. If you have them,
please reach nicholas@businessinsider.com or 646.376.6014.